Question

What does the term "NEFT" stand for in the context of Indian banking?

A National Electronic Fund Transfer Correct Answer Incorrect Answer
B National Economic Financial Transaction Correct Answer Incorrect Answer
C Non-Exempt Fund Transfer Correct Answer Incorrect Answer
D New Electronic Fund Tracker Correct Answer Incorrect Answer

Solution

NEFT is a nation-wide electronic fund transfer system in India that facilitates one-to-one funds transfer. It operates on a deferred net settlement basis, which means transactions are processed in batches and settled at fixed intervals.

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